Can I obtain a loan?

not enough information to make a decision. The law suit in question, depending on the amount and circumstances could be approved by an underwriter. I would advise having collection accts in payment or paid off prior to application, if medical bills they can be viewed differently. the credit scores you mention would qualify you for a loan now. If you are seeking a home in the northeastern U.S. down to Maryland/va/dc area, I may be able to help. My bank is one of the largest in this area of the country. Please contact me if you want to move forward or have further questions at: Jabennett2@mtb.com NMLS#147890

You need to consult a local Loan Advisor.

We would need to look at your complete loan scenario to be able to advise you properly.. High 600's credit scores.. good thing.. Collections, lawsuit, bad thing.. to advise you properly, we need details.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

It looks like all 3 commenters had the same good advice. Consult with a licensed mortgage advisor educated in knowing the rules and regulations to qualify, get underwriting approval, and provide a fast moving mortgage loan to funding.Our company, including many colleagues who as myself work a lot with people who have collection accounts and other derogatory credit, find credit in the upper 600s very doable. In regards to collections it just depends on how much there is. Often a good letter or two of explanation does the trick. However, court judgments or liens are always problematic and must be paid off before being able to fund a loan. Obviously, the sooner the better but in your case it sounds like there is no current court judgment? Does the current lawsuit show up as a judgment on your credit? If so you will need to resolve it before you can fund a mortgage loan. If you knew it would be settled at a certain date...then you could be in the middle of your mortgage loan if it was to be settled prior to drawing final docs. I just do not know what shows on your credit report currently.